USD/CHF edged higher to 0.8927 but formed a temporary top there and turned sideway. Initial bias is neutral this week for more consolidation. Deeper retreat cannot be ruled out but downside is expected to be contained above 0.8246 resistance turned support and bring rally resumption. Above 0.8927 will extend the whole rebound from 0.7065 towards 0.9916 cluster resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948).

In the bigger picture, medium term down trend from 1.1730 is already completed at 1.7065. But there is no indication of long term reversal yet. Rebound from 0.7065 is treated as part of a medium term consolidation pattern. Such rebound would possibly extend to 0.9916/1.1730 resistance zone. But strong resistance should be seen there and bring reversal. On the downside, break of 0.7710 is needed to indicate completion of the rebound from 0.7065. Otherwise, we'll stay near term bullish in the pair for the moment.

In the longer term picture, long term down trend from 2000 high of 1.8305 is still in progress and there is no indication of a reversal yet. Such down trend would still extend to 100% projection of 1.8305 to 1.1288 from 1.3283 at 0.6266 after finishing the consolidation from 0.7065.

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